Egencia, an Expedia, Inc. (NASDAQ: EXPE) company, has entered into a definitive agreement to acquire VIA Travel, the largest travel management company in the Nordics from private equity fund FSN Capital. The combined company will offer industry-leading corporate travel management solutions across the globe.
VIA Travel was founded in 1997 when Flyspesialistkjeden AS acquired Winge Reiseburau AS. FSN Capital acquired the company in 2005, and has since transformed the business. Together with a strong management team, FSN Capital has developed VIA Travel into the largest corporate travel company in the Nordics.
Together, VIA Travel and Egencia will offer industry-leading corporate travel management solutions across the globe.
“Joining one of the world’s largest travel management companies is an exciting step for VIA Travel. Egencia’s global scale, technology expertise and perfectly complementary global footprint makes the joining of our companies a great outcome for our customers and employees,” said Espen Asheim, CEO of VIA Travel Group.
“Corporate travel is a growing part of Expedia, Inc.’s overall business,” said Dara Khosrowshahi, CEO of Expedia, Inc., parent company of Egencia. “Together, VIA Travel and Egencia will provide a rich global offering to their corporate customers. We are very excited about welcoming VIA Travel to the Expedia, Inc. family and look forward to driving innovation and providing outstanding service in the corporate travel segment around the globe.”
“Together with management, we have transformed VIA Travel from a regional to a leading player in the Nordic market, lifting customer and employee satisfaction along with market share and profitability,” said Frode Strand-Nielsen, Chairman of VIA Travel and managing partner of FSN Capital.: “We are confident that VIA Travel will continue its successful growth as part of the world’s largest travel company. Egencia is a great new owner for VIA Travel, providing a global presence and a technological edge to meet customers’ needs.”
Organic and acquisitive growth
Reorganization of the sales force and a series of acquisitions have led to strong revenue growth. during FSN Capital’s ownership period. Furthermore, VIA Travel has made and integrated 11 acquisitions, divested non-core assets and expanded into new markets such as Finland and the Philippines. Since 2005, the company has made investments in technology, particularly in the online and mobile space, driving increased online adoption and bookings.
Satisfied customers and employees
VIA Travel’s focus on innovation and flexible customer solutions has resulted in strong customer satisfaction – VIA Travel’s customers are the most loyal in the industry. In addition, VIA Travel’s efforts to create an exciting and collegial work environment has resulted in a strong uplift in employee satisfaction.
The proposed transaction is subject to approval by the Norwegian Competition Authority.
FSN Capital was advised by ABG Sundal Collier, Deloitte Corporate Finance, Schjødt and PwC. Egencia was advised by Wiersholm, Freshfields Bruckhaus Deringer, and Ernst & Young.
About Egencia, an Expedia, Inc. Company
Egencia is the fifth largest travel management company in the world. As part of Expedia, Inc., the world's largest travel marketplace, Egencia helps businesses get ahead by offering the only truly integrated corporate travel service. Egencia's industry expertise helps drive results that matter, delivering meaningful advancements that have a real impact. By combining a powerful offline and online service, Egencia delivers a complete corporate travel offering supported by global market expertise and a best-in-class technology platform.
About VIA Travel
VIA Travel is a leading travel management company in the Nordic countries providing customers both online and offline optimized solutions covering a broad spectrum of travel related services including corporate travel solutions, group and meeting planning, consulting services, as well as marine, offshore and leisure travel option. VIA Travel has been owned by the Nordic private equity investment company FSN Capital since 2005.
About FSN Capital
FSN Capital is a leading Nordic private equity investment company focused on the middle-market segment. Originally established in 2000, FSN Capital seeks to make control investments in Nordic companies with significant potential to become international leaders. FSN Capital seeks to act with the highest level of integrity, taking a responsible approach when interacting with our portfolio companies, our advisors, our investors, local communities and the environment.
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